The Dollar Index really needs to find support here. We’ve seen this chart develop over the past several weeks in our Flight Path newsletters.
After seeing bullish oscillator divergence, a cross above zero, and finally the GoNoGo Trend rolling through the colors from bearish purple through amber and finally the bullish “Go” colors, we now see the GoNoGo Oscillator has fallen to the zero line again. This signals a lack of momentum. We will look to see if the oscillator can find support here, which it should, if the “Go” trend is healthy. But as we have been pointing out over the past few weeks, the dollar is up against the larger “NoGo” trend on longer term charts.
